Linda Huber: Hey, Toni. I’ll take a shot at that. I think for cross-selling, it becomes a little bit around client budgets. So we did talk about a longer sales cycle. It would be remiss of us to not also note that clearly folks are tightening their belts. So there is some of that coming into play. That being said, as I mentioned earlier, for our larger clients, many of them had set budgets. They need to continue to invest. So we’ve not seen some of the major changes on that front. There may be if they need to take something major in terms of change especially in certain areas right now because of changing from one provider to another. But in terms of add on, especially on feeds, we’ve seen very good positive momentum there. So I think the pressure will be more along the lines of material, new projects as opposed to expansion.
Toni Kaplan: Great. And then I think you mentioned some strength on the risk side. I guess in terms of the offerings there, can you just refresh us on, you know, is this within the asset management client base that’s — that’s purchasing it? And like I guess how much of an uptick do you typically see or is it just offsetting something they might have purchased otherwise?
Philip Snow: Yeah, typically — typically, our risk offering, Toni, is delivered through our analytics suite and that will be multi-asset class risk is really where the momentum has been for us over the last number of years. So we have a number of risk models on our system from third party providers that we integrate and then we do a lot of our own work on the risk side as well. So our FactSet really giving that choice and then very good analytics that are integrated with the rest of your portfolios, your performance suite, all of that has come together so nicely. With the acquisition of BISAM, Vermilion and getting those integrated into the core FactSet platform. So we just see, you know, when you go out and you’re closing an asset owner or an asset manager risk usually is at the heart of their middle office system.
And we believe that we’ve done such a nice job there. We have good momentum. It wasn’t a particularly strong quarter for risk. It’s a consistent performer, but it’s always in the mix there with, you know, the rest of — the rest of things. It’s really at the heart of it. This quarter in analytics, we did very well with our quant product, which is which we’re investing in, and we also did very well in fixed income. So it’s nice to see fixed income have a good quarter as well.
Toni Kaplan: Perfect. Thank you.
Operator: And thank you. And one moment for our next question. And our next question comes from Owen Lau from Oppenheimer. Your line is now open.
Owen Lau: Thank you for taking my question. Could you please give us an update on the momentum in Asia Pacific? And I think organic ASV grew at 10.8% off a low base. You talk about recent change in COVID policy there. What do you see the environment there right now? And do you think the growth can accelerate from here going forward? Thanks.
Linda Huber: Thanks for that question. Yeah, we did see accelerated growth in the quarter, which is terrific. And in particular, some good demand in the first half in both Australia as well as in Japan. If I think about Australia, they had greater and improved retention and increased demand from asset owners in particular, as you know, they would be the super funds who are going through some consolidation and trying to gain efficiencies. And so they’ve got a lot of complexity on the data side. And as Phil just mentioned, our ability to help them manage through that, to connect their — the different various data sets has really been a differentiator for us. So our concordance offering has helped them, for example, in creating an entity master.
